If interest rates stay the way they are (not likely to change any time soon) in conjunction with low inventory (no significant SFR developments being released all at the same time like a Pavilion Park or Reserve when first released) I think you could be right about the prices moving right past 2 million. Whether or not we all here feel the prices are justified it's just the law of supply and demand.
On interest rates, they have largerly been the same between Jan and now. During the same time prices for Fresco plan 1 as an example have gone from.1.425 to 1.6M, an increase of 175K. At a low but relatively unchanged rate of 2.75%, thats still about 700$ more per month if i am financing the additional 175K. Unless my salary increased rapidly , paying an additional 700$-800$ ( factoring in Property taxes) is hard Not sure how many buyers face this situation. Other alternative is you got strong returns from other investments for a bigger down payment.